Funding the future of Porto by means of a solid and accountable governance

Porto has set out a future of investments for 2019, with a municipal budget of 293 million euros. The City Council, led by Mayor Rui Moreira as of 2013, has crafted dedicated policies in key areas such as infrastructure, housing, transport and culture. 

Thus, the accountable city management and the investment wise strategy have enabled expenditure growth at a sustainable level, namely the Bolhão Market renovation works and the Intermodal Terminal in Campanhã, mechanised routes in the Miragaia area, the rehabilitation of museums and the building of new ones, the renovation works of the Municipal Public Library of Porto, the rehabilitation of school buildings, and the regeneration of many of the city's streets as well.

Also, Porto will be the first Portuguese city to have a priority road traffic public transport at the Fernão de Magalhães Avenue, the Metro Bus, which is already being renovated.

This strong and solid bet on investment happens in the framework of the reduction of both the Municipal Property Transfer Tax (IMT) and the Real Estate Municipal Tax (IMI).

Housing, as well, is of vital significance when it comes to budgeting. An estimated 35 million euros have been entered in the budget for 2019, the highest ever to be granted to this area in Porto's Municipal investment plan.

It is worth mentioning that Porto City Hall is the owner of 12% of the city's housing stock, much higher than the national average (currently at 2%).

In the housing context, the Municipality of Porto is prepared to tackle the demanding challenges in this domain, namely the continuity of pre-emption rights, a decrease in taxation both for residents and owners that choose long-term leases, the stipulation of rental value through private partnerships or otherwise, the continuity of the "Porto Solidário" programme (in its 5th edition), supporting vulnerable households by paying their rent.

Investment in depressed areas in the city foresee the development of green urban areas and landscape parks.

The Émile David Garden in Palácio de Cristal will be renovated, and the Rosa Mota Pavilion will be reopened to the public, already rehabilitated and ready to host major events, such as international conferences and congresses.

The municipal macro structure has also been enhanced so as to cope with the future challenges of this ever dynamic city of Porto, either at social or political level.

All these investments are now feasible due to Porto City Hall's financial performance in the last four years.